The short term rental market continues to grow, despite the regulations which many cities across the world have introduced to ensure a fair supply of long term housing for residents. For example, London introduced the 90 day cap rule for Airbnb listings in 2015, but it has apparently made no difference in the popularity of short term lets. Data analysts say that Airbnb’s market share in London almost tripled in 2017, from 2.8% to 7.6% of overnight stays.
It’s a similar story across the UK, with Airbnb listings in 10 UK locations up 200% from 2015 to 2017 according to the Residential Landlords Association – taking the listings well above the number of national B&Bs.
Summer is on the way which tends to be an extremely busy time for Airbnb hosts. People are looking for the perfect family getaway or need short term accommodation to attend weddings, hen and stag parties or cultural events such as Notting Hill Carnival. Most full time hosts can expect to have the months of June, July and August fully booked – so how can you prepare for the peak season and ensure everything runs smoothly?
The number of listings on short let websites can also increase over the summer period, as homeowners rent out their empty properties while they are away on holiday (which means more competition). Take a look at our top tips for giving every single guest the five star experience to bag those five star reviews. Here’s what you need to get right to maximise yields and attract more guests for the rest of the year.
1. Safety and compliance
It’s tempting to get caught up in guest experience and interior design of your property, but your number one priority as a host should be the safety of your guests. Always follow guidance to ensure the building is safe and everything inside your property is safe to use. The Fire Safety law applies to all properties where guests pay to stay, so pay particular attention to fire exit routes and evacuation plans, and regularly get electrics tested by a professional.
2. Consider your minimum night stay
Many listings have a two night minimum stay year round – however this can leave with you with a few vacant nights throughout the summer period. Why not reconsider this for the peak season to maximise your earning potential? With the kids off school people are likely to spend longer at your property, so consider whether a 3-5 night minimum stay might be more appropriate for the summer months.
3. Review prices daily
It’s peak season, which means you can up your prices without any complaints. Be sure you’re remaining competitive but earning as much as you can with Hostmaker’s daily pricing review using data and exclusive algorithms to select the best possible price for your listing. Hostmaker can help you increase income by 30% – and you’re literally not investing any extra money or time.
4. Keep up communications
Communication with guests before, during and after their stay is vital for a five star experience. When hosts are busy they can easily forget to check in on guests to see if they need anything, which is a rookie error. Hostmaker provides 24/7 guest support to make sure guests are left feeling valued and coming back for your superior service.
5. Don’t forget summertime extras
Listings should offer a personal touch for all guests, whether it’s a local delicacy waiting for them when they arrive, or luxurious toiletries to use during their stay and take home. Why not improve these little extras for the summer? If the temperature rises then putting a fan in the bedroom is only a small gesture but it can go a long way towards creating the perfect guest experience.
If you need a helping hand during the busy summer season let us know. Happy hosting!